WASHINGTON, March 29. /TASS/. The trade turnover between Russia and the United States plunged by more than seven times from 2013 to 2023, according to the report released by the office of US Trade Representative Katherine Tai.

As stated in the document, the trade turnover between the US and Russia contracted from $38.2 bln in 2013 to $5.2 bln in 2023.

"While some of the decline in trade is undoubtedly due to the overall decline in global trade because of the COVID-19 pandemic, the decline also reflects the geopolitical tensions and Russia’s increasingly inward-looking industrial and trade policies, as well as the impact of US sanctions and export controls applied to Russia," the report reads.

US authorities continue evaluating and analyzing the impact of sanctions and countersanctions on trade, the report indicates. According to the document, opportunities to interact on trade issues are very limited by virtue of the almost complete rupture of ties with Russia.